Asked by Victoria Konko on May 05, 2024
Verified
In a perpetual inventory system, Sales Returns and Allowances is credited when a sales return occurs.
Sales Returns
Refers to the process of customers returning previously purchased merchandise back to the seller, and the seller, in turn, refunds the customer's money or offers credit.
Perpetual Inventory System
An inventory accounting system that records the sale or purchase of inventory immediately through the use of computerized point-of-sale systems and enterprise asset management software.
- Conduct the procedure of transaction recording following the principles of both perpetual and periodic inventory systems.
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Learning Objectives
- Conduct the procedure of transaction recording following the principles of both perpetual and periodic inventory systems.
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